Recently, I wrote about how OptionsHouse is one of the best for trading Options and how TradeKing is one of the best for low commissions and promotions.
In this article, I’m going to write about why you should consider TradeStation as one of the best choices for trading Forex, which is the Foreign Exchange Market or FX for short. If you stumbled on this article and don’t know what Forex is, read up on it at Investopedia.
In short, the Forex market offers high risk for high rewards because the leverage involved is greater than it is for equities/stocks.
I first became interested in using TradeStation for Forex trading after reading this thread on TradesStation over at ForexFactory.com. After doing more of my own research, it turns out TradeStation has an award winning Platform and very competitive spreads. Barron’s consistently has TradeStation ranked as one of the best online brokers year after year.
Like many other online brokers, TradeStation also has a web-based option where you can place online trades with basic functionality. Unlike web trading, a Platform is basically software that you download to your computer, which offers many more features than any online broker can implement for a web-based solution.
I really enjoyed the also wonderful ThinkorSwim platform available with TD Ameritrade, but I found out shortly that the entire package wasn’t the best for trading Forex. *Update: TD Ameritrade has now added great Forex trading functionality and is my current go-to for trading Forex, Futures and Options. You can read my full Ameritrade review here. I still think TradeStation is one of the top platforms for trading Forex you should consider though.
Two of the other very popular platforms for trading Forex are Metatrader(MT4) and NinjaTrader, but I just found it overwhelming trying to find a reliable U.S. broker that integrated with either platform that didn’t have a ton of bad press to go along with them. And that was before even considering the costs involved with those platforms.
Here’s The Main Reason I Picked TradeStation For Forex…
The TradeStation Platform is FREE to use for Forex trading if you use TradeStation as your online broker, AND there is No Account Service Fee if you trade only Forex. You can definitely trade Stocks/ETFs, Futures and Options with TradeStation, but it’s best that you take a look at all the terms and pricing for those products.
For clients with a forex account only, there is no account service fee.
Plus, the minimum deposit required to open a forex trading account is $2,000 with TradeStation. The only other broker I was considering during my research was Interactive Brokers, but their minimum opening deposit is $10,000. Regardless, I’m glad I chose TradeStation now that I’ve had a chance to demo their Platform.
But don’t take my word for it. Do your own research!
Let’s Look At The Latest Freebies And Promotions From TradeStation…
*Get up to $500 in commission rebates as well as no account service fee or RadarScreen fee for the first 90 days following account opening.
*Check out all the latest brokerage bonuses and promotions here!